• Morgan Stanley is lead underwriter for December
By Stephanie N. Rotondo
Phoenix, Dec. 31 - Citigroup Global Markets Inc. took the top spot for 2013 among underwriters of preferred stock, according to data compiled by Prospect News.
Citigroup facilitated 28 preferred stock transactions during the year, raising $5.62 billion, or 16.54% of market share.
The bank had come in third place in 2012.
Citigroup was also number one for the fourth quarter, having underwritten four deals that raised $1.54 billion.
For December, however, it was Morgan Stanley & Co. LLC that came in first place. The firm raised $963 million via two preferred offerings during the last month of the year.
As for total issuance, issuers took in just over $34 billion from 260 transactions during the year. That compared to $41.75 billion taken in via 277 deals the year before.
On a quarterly basis, the fourth quarter saw 50 deals get done for proceeds of $6.09 billion. By comparison, the fourth quarter of 2012 had 101 deals that brought in $8.85 billion.
In December, fewer deals were done but more dollars were raised than 2012 comparables. A total of 15 deals occurred during the month, raising proceeds of $3.36 billion. In December 2012, 37 transactions had taken place for proceeds of $2.29 billion.
U.S. market, all issuers, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 5.624 | 28 | 16.54% | 3 | 5.029 | 40 | 12.05%
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| 2 | JPMorgan | 5.099 | 21 | 14.99% | 6 | 4.373 | 32 | 10.48%
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| 3 | Wells Fargo | 4.250 | 35 | 12.50% | 2 | 5.174 | 53 | 12.39%
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| 4 | Morgan Stanley | 3.891 | 36 | 11.44% | 5 | 4.499 | 43 | 10.78%
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| 5 | Bank of America | 3.522 | 43 | 10.36% | 1 | 5.500 | 95 | 13.17%
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| 6 | Goldman Sachs | 2.126 | 20 | 6.25% | 4 | 4.604 | 14 | 11.03%
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| 7 | UBS | 1.558 | 25 | 4.58% | 7 | 3.245 | 41 | 7.77%
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| 8 | Barclays | 0.636 | 13 | 1.87% | 8 | 1.080 | 15 | 2.59%
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| 9 | Deutsche Bank | 0.591 | 12 | 1.74% | 12 | 0.619 | 9 | 1.48%
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| 10 | RBC | 0.366 | 10 | 1.08% | 9 | 0.898 | 19 | 2.15%
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| Total | 34.006 | 260 | 41.745 | 277 |
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| Average size: | 0.131 | 0.151 |
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| U.S. market, all issuers, fourth quarter |
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| | | | | 2012 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 1.536 | 4 | 25.20% | 1 | 2.763 | 12 | 31.23%
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| 2 | Morgan Stanley | 1.127 | 4 | 18.50% | 5 | 0.564 | 7 | 6.38%
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| 3 | Wells Fargo | 0.902 | 3 | 14.81% | 3 | 1.039 | 8 | 11.75%
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| 4 | Bank of America | 0.334 | 6 | 5.48% | 4 | 0.767 | 13 | 8.67%
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| 5 | JPMorgan | 0.269 | 3 | 4.42% | 7 | 0.393 | 6 | 4.44%
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| 6 | Goldman Sachs | 0.177 | 3 | 2.91% | 2 | 1.152 | 7 | 13.02%
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| 7 | Incapital | 0.128 | 2 | 2.09% |
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| 8 | Barclays | 0.070 | 4 | 1.14% |
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| 9 | RBC | 0.069 | 2 | 1.13% | 8 | 0.120 | 4 | 1.35%
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| 10 | Keefe Bruyette & Woods | 0.060 | 2 | 0.98% |
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| Total | 6.094 | 50 | 8.847 | 101 |
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| Average size: | 0.122 | 0.088 |
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| U.S. market, all issuers, December |
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| | | | | 2012 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Morgan Stanley | 0.963 | 2 | 28.61% | 4 | 0.125 | 2 | 5.46%
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| 2 | Wells Fargo | 0.863 | 2 | 25.64% | 5 | 0.102 | 2 | 4.48%
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| 3 | Incapital | 0.115 | 1 | 3.42% |
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| 4 | Bank of America | 0.113 | 1 | 3.34% | 2 | 0.187 | 4 | 8.15%
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| 4 | Goldman Sachs | 0.113 | 1 | 3.34% | 8 | 0.075 | 1 | 3.28%
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| 6 | Janney Montgomery Scott | 0.010 | 1 | 0.31% |
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| 6 | Sterne Agee & Leach | 0.010 | 1 | 0.31% |
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| 8 | Keefe Bruyette & Woods | 0.010 | 1 | 0.30% |
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| 8 | Ladenburg Thalmann | 0.010 | 1 | 0.30% |
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| 10 | MLV | 0.004 | 1 | 0.12% |
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| 10 | National | 0.004 | 1 | 0.12% |
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| Total | 3.364 | 15 | 2.289 | 37 |
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| Average size: | 0.224 | 0.062 |
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| Prospect News Preferred Stock Underwriter Rankings
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Criteria
• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Convertibles are excluded.
• Offerings are included in the time period in which they price.
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.
• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)
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